Purpose

Send a Global Money Transfer Online to Latvia

Information verified correct on December 10th, 2016

Compare exchange rates, transfer fees and transaction speeds when you need to send money to Latvia.

Located on the shores of the Baltic Sea, Latvia boasts a diverse culture, world-renowned architecture and a beautiful Old Town that dates to medieval times. If you ever need to send money from Australia to Latvia or vice versa, there’s no shortage of banks and other money transfer providers who can manage the transaction for you. But with low exchange rates and high transaction fees a common risk with such transfers, it pays to shop around to find value for money.

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Rates last updated December 10th, 2016

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Banks versus money transfer companies

Many people just go to their bank when they need to send money overseas and don’t bother doing a little bit of research to see if there might be a better deal around. The problem with this approach is that banks are a long way down the list of the most affordable money transfer providers. The dismal exchange rates and typically high fees offered by banks mean that your transaction can end up being a whole lot more costly than you might expect. That’s why it’s an excellent idea to shop around for better value for money, and there’s a fair chance you’ll find it from a specialist money transfer company. These providers are experts when it comes to sending money around the world, offering safe and convenient transfers that are also affordable. Their exchange rates are higher and their fees lower than those you will get from the banks, so even a quick comparison between transfer providers can save you a heap of cash.

Case Study: Lukas Sends Money to Latvia

Lukas wants to send a $1,000 gift from Australia to his parents in his home country of Latvia. He wants them to spoil themselves for their anniversary, but he doesn’t want the transaction to cost him any more than it has to. Instead of using his bank, which charges a $25 transfer fee, he contacts two specialist transfer companies to check out whether they offer value for money. As the table below shows, Lukas can save AUD $10 in transfer fees by using the second company and he can also send an extra 9 LVL to his parents.

How do I compare transfer companies when transferring and receiving money via Latvia?

Exchange rates. Even a seemingly minor difference in the exchange rate can equate to a much larger amount of money arriving to your beneficiary. Shop around for the transfer provider that regularly has the best exchange rates.

Transfer fees. Compare how much each company will charge you when you need to send a transfer. Also, check to see whether there are any hidden fees you should be aware of.

Transfer methods. Do your research to find out whether the company offers convenient transfer methods for you. Can you place transfers online or in branch, and does it offer phone and smartphone app transfers?

Flexible options. Does the company offer flexible transfer options such as forward contracts, market orders, and the ability to set up a recurring payment plan?

Turnaround time. Transaction processing times range from a few minutes to multiple business days, so make sure the turnaround time available suits your needs.

Transfer limits. Some companies impose minimum and maximum limits on the amount you can send, which can be restricting if you need to send small or large amounts.

Emergency cash transfers in Latvia

If you need to send cash to Latvia in an emergency, there are some companies who can get the money to your recipient in as little as 10 minutes. Be warned, however, that urgent transactions generally hurt your hip pocket more. They attract higher transfer fees and lower exchange rates than normal, so it’s essential that you double check all the details of the transaction before you hand over your cash.

If you want to send cash that your recipient can access from a nearby transfer branch in Latvia, Western Union and MoneyGram can help. Both companies run large international transfer networks and offer prompt and secure transfers. The details of some popular cash pickup locations in Latvia are below – your beneficiary will need to present photo ID and a transaction ID number when collecting funds.

What are the steps to send money to Latvia?

Register for an account. Most companies offer free online accounts that you can sign up for within minutes. You’ll need to provide your name, contact details and bank account information.

Provide full transaction details. The next step is to provide information such as how much money you’re sending, in what currency and where to. You’ll also need to provide your recipient’s name and contact details.

Pay for your transfer. Once you’ve reviewed the cost of your transaction you can pay for your transfer. You’ll usually be given a reference number that you can use to monitor the progress of your funds.

Disclaimer - We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

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Important Information

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.